Traders' Resource

JF Lennon is committed to supporting our FOREX participants with useful information and tested tools that help enable each individual trader to trade more successfully.  This section is dedicated to bringing you quality forex trading information, tools, tips, resources, and reviews of forex books, trading products and trader services, as it keeps a watchful eye on today's trading marketplace for the online trader.

 

Market Watch
The FOREX Factory (Web)	Forex Factory is the premier Forex trading hub, featuring the world's most active Forex forum, an advanced Forex calendar, and user-rated Forex news.
FOREX Reference
FOREX History	Long ago, the world's economy was based on the bartering method. The value of a particular item, was measured by it's worth in exchange for other items. But, this system had it's obvious limitations. If you had nothing of value to exchange, you had no way of obtaining items you needed. This created the need to establish a more acceptable way of buying and selling early in history.
Trading Wisdom of William Eckhardt by William Eckhardt	In reading "Profit from The Winner's Curse" by Teresa Lo, she cites an interview with legendary trader William Eckhardt. His perspectives about trading are unique and offer wisdom that you won’t find anywhere else.
FOREX Basics	The acronym "PIP" or rather pip which stands for "percentage in point" refers to the smallest measure for price movements in the Forex market. Since currency prices in Forex market are quoted in fractions, pip is the smallest decimal place that you could find in the price quotes.
Trading: A Journey, Not a Destination by Ken Wolff	Whenever anyone comes to me for help in starting a trading career, one of the first things I recommend is organizing a business plan. It provides direction and helps novice traders start off with a systematic approach. I suggest that new traders put their costs, their goals, and how they intend to achieve those goals, in writing. It's the same approach you'd follow for any other business. They usually come back with a reasonable plan.
Trading Without Ego by Ruth Barrons Roosevelt	Make no mistake about it. A trader's self concept has to be separate from the trading. Who you are as a person began before you ever thought of trading and who you will be as a person will extend beyond your trading. When personal self-worth entwines with trading, it not only damages self esteem, it sabotages the trading.
Fine Tune Your Money Management System by Bennett A. McDowell	When you hear of someone making a huge killing in the market on a relatively small trading account, more likely than not it was a fluke: The trader was not using sound management techniques. (PDF File : 98kb)
7 Habits of Highly Successful Traders	For the successful trader knows every action he takes, every decision he makes he, and only he, is responsible for that action.  You will never meet a successful trader who is looking to blame someone else, or something else for the consequences of his results. (PDF File : 2,559kb)
An Introduction to Japanese Candlestick Charting	Technical analysis is simply the study of prices as reflected on price charts. Technical analysis assumes that current prices should represent all known information about the markets. Prices not only reflect intrinsic facts, they also represent human emotion and the pervasive mass psychology and mood of the moment. Prices are, in the end, a function of supply and demand. However, on a moment to moment basis, human emotions, fear, greed, panic, hysteria, elation, etc. also dramatically effect prices. Markets may move based upon people's expectations, not necessarily facts. A market "technician" attempts to disregard the emotional component of trading by making his decisions based upon chart formations, assuming that prices reflect both facts and emotion. (PDF File : 79kb)
Traders' Journal	If you are FOREX trader and never had your trading journal started, this is my genuine advice - Start it now ! And do not wait ! Trading journal is one of the utmost criteria for a successful trader, of course, it is equally important for the entire beginner trader. But from the start, you will be definitely facing discipline issue as recording down every single trade is not an easy task for every one, especially for a person that is not very well organized for his stuff.
Traders' Psychology Management & Technology
Subconscious Influences on Trading Decisions	How can you beat your subconscious? Don't underestimate its significance. You aren't a slave to influences below your awareness, but you aren't immune to them either. You may make a decision based on nothing more than an amorphous feeling that has no basis in fact. Working from your intuition is essential in the fast-paced world of trading, but always remember that a hunch should be based on specific pieces of evidence. Before jumping into a trade too quickly, it's worth being a little skeptical. Try to reconstruct the information that you used subconsciously to arrive at your trading decision. If nothing comes to mind, you might be better off rethinking your decision. Don't let your subconscious throw you off. If you acknowledge the power of your subconscious, you will go far in stopping it from biasing your decisions.
Emotions & Trading	Would the fictional character Rambo have made the ultimate trader? A man totally focused on his mission; a man who acted almost entirely without emotion? What about the fictional character called Mr. Spock of the movie "Star Trek?" Mr. Spock looked at events logically and objectively, and followed a rational plan when approaching the solution to a problem. In many ways, either of those fictional characters would appear to have had what it takes to become the ideal trader. The ideal trader would carefully formulate a comprehensive trading plan. He would have found the market and time frame under which the market conditions were ideal for the way he wanted to trade; conditions that would suggest his plan would produce a profit, and then, and only then, would he execute it.
Staying Cool	What if you really have a problem not getting stressed out from trading pressure? Experience and trading from a plan can help you to make trades in a carefree, relaxed, and focused manner. It is important that you avoid putting unnecessary pressure on yourself. Success or failure is not riding on a single trade. You make it as a trader in the day-to-day trading, learning to be satisfied with what the market hands you.

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